Gilbert Public Schools projects $5.5 million rise in revised 2024–25 budget; grants, bond fund and bus purchase highlighted

Gilbert Public Schools presented a projected Budget Revision No. 1 during the board’s Dec. 10 meeting that increases the adopted 2024–25 budget from $287,600,000 to $293,000,000, an approximate $5,500,000 change.

Ms. Betts, district finance staff, told the board the revision reflects three principal components: about $3,500,000 of additional budget-balance carryforward tied to finalized annual financial reporting; roughly $2,500,000 from higher-than-expected student counts (the district budgeted for a loss of 1,200 students but lost under 800); and full encumbrance of one-time appreciation stipends tied to the district’s maintenance-and-operations override. Ms. Betts said the district chose not to reallocate a previously proposed $2,000,000 from unrestricted capital to maintenance and operations, keeping that capital balance intact. The district’s reported available balance is $14,900,000, about $1,500,000 higher than reported the prior month.

On restricted funds, Ms. Betts said the Classroom Site Fund is projected at about $57,000,000 with year-to-date expended/encumbered near $34,000,000. She noted that one-time…